Whether you are purchasing property for the first time or you’ve bought multiple properties in the past, it Is without doubt a thrilling adventure at becoming the owner of your own home. Before you get to the stage where contracts are exchanged and the keys are finally placed in your hands, there is a lot to consider right from the moment you begin your search. Here we’ll cover some of the basics you need to put in place from the start so that you can be sure you’ve made the right decision that pleases both your head and your heart.
Budget limits
No doubt we all see properties that we’d love to own but are simply out of our price range, so before beginning your search in earnest you need to do some simple assessments to see what you can actually afford. Here at Charles & Derby Estates we can offer first-class advice from one of our mortgage advisors who will help to steer you through the many aspects of the financial side of purchasing property. Once you know how much you can stretch to comfortably, viewing becomes an altogether more pleasant experience and allows you the chance to jump at properties you view that fall within your range.
Let the search begin!
There are so many website and companies out there today who advertise properties so your choice can seem quite overwhelming, however it’s probably best to stick to the big names in the world of real estate. Helpful services such as the Property Updates our site mean you can sign up for emails whenever a new property comes on the market that fits your specifications. If you like the look of it and would like to visit, just get in touch with us and we can arrange a visitation at a time convenient for you.
Making an offer
Once you’re settled on a property that you’d like to purchase, you can make an offer. We are here to help you make sure that your offer is sound and viable, so we can create an agreement in principle and also offer a suitable deposit which greatly increases your chances – especially if you’re not the only party who is interested. You are not legally bound to anything at this point, but it is a wise decision to detail any conditions of the sale alongside the made offer.
Offer accepted!
It’s an exciting time when your offer gets accepted, and Charles & Derby Estates is here to make sure that the transaction goes through as smoothly as possible. We can recommend a quality solicitor specialising in property conveyancing who will set things in motion for you and confirm that the sale has gone through.
Getting a survey and conveyancing
This part is relatively easy as your solicitor will make sure that the funds are transferred properly to the solicitor of the seller and we can assist in making this transaction go smoothly too. Not only can we assist with the application for local authority (LA) searches when the contract has been received, but we can also double check everything to make sure no important points are overlooked at this stage. When completion has taken place and agreed by both sides, the Exchange can be offered.
An important aspect of property purchasing is a survey, and you will need one of these to determine the condition of the purchased building. There are multiple types but we can guide you correctly in choosing the right one for your needs. After the survey is done, you can then receive your mortgage offer.
Exchange and Completion
Once you have your mortgage in place, you can then sign the paperwork and return it to your solicitor, paying the deposit at the same time which is usually 10% of the total price of the property unless another amount has been agreed. You will need a final completion date which needs to be arranged by both sides, and we usually take care of this mediation. Once it has happened, it is legally binding and you are now the proud owner of your new property once the mortgage lender has transferred the funds. Then it’s just a case of stopping by the office to pick up the keys to your new home!
